ssuming that sales and production are steady throughout a 360-day year, complete the balancesheet and income statement for Qazi Traders.
Q: Carlyon Company listed the following items in its December 31, 2018, financial statements: Inve...
A: feb 2 dividend payable : preferred 4,000 dividend payable : common 40,000 to cash 4...
Q: A Sole Proprietor and an Individual with No Business Form a Partnership On Apr. 8, 2020, Tolentino w...
A: Journal is a place where accounting transactions are listed in the book keeping system before ledger...
Q: Peanut Land Inc. produces all-natural organic peanut butter. The peanut butter is sold in 12-ounce j...
A: Budget is a forecast of entity’s planned requirements in future in a quantitative statement.
Q: ere two alternatives, first cash purchase $560,000 and secor semiannual payments of $30,000 due June...
A:
Q: Activity-Based Supplier Costing Ventana Company is a car window repair and replacement company oper...
A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing over...
Q: Whirly Corporation's contribution format income statement for the most recent month is shown below: ...
A: With the Increase or Decrease in the sales units, the Fixed Cost will Remain the Same, but the total...
Q: Better Choice Foods makes a single product using two processes. Quality control check takes place du...
A: a) Statement of equivalent Production Input Output Input Material Direct Material Conversion Cost...
Q: answer these questions a,b and c
A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS Statement of Equivalent Units ...
Q: Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is taxab...
A: Taxable income: It is the portion of the income on which tax is calculated that is to be paid to the...
Q: William Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The follow...
A: The question is based on the concept of Costing.
Q: Brief Exercise 8-4 (Part Level Submission) At the end of 2019, Sheffield Corp. has accounts receivab...
A: The answer is as fallows
Q: Please answer requirement 1. parts a, b and c. Thank you.
A: Paid-in capital is the total sum of funds provided to a corporation by shareholders in return for sh...
Q: The most important information needed to determine if companies can pay their current obligations is...
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost, a...
Q: Bastille Company employ new employee and are assigned to make Statement of Cost of Manufactured, Sta...
A: Income statement is a part of financial statements of a company. It shows the company’s income and e...
Q: The financial statements of the Novak Corp. report net sales of $300000 and accounts receivable of $...
A: Average collection is the no. of days on average basis of which the collection is made from customer...
Q: 1. Explain how economic events result in assets2. Describe the objective of having different types o...
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
Q: The demand for products is 18,000 units. The ordering cost is 40 OMR per order and the holding cost...
A: Economic order quantity means the number of units to be ordered so that total cost of inventory will...
Q: The owners are desirous of comparing serval financial transactions and possible outcomes to assist i...
A: The stockholder's equity section is the part of the balance sheet of the company which represents th...
Q: 1. Business purchased $3600 inventory from westlem terms 1/10,n/20 FOB . what is the merchandise in...
A: Inventory is asset. Inventory is increased with the debit entry. Inventory is decreased with the cre...
Q: How to solve
A: Product Cost = Direct Material + Direct Labor + Overhead Costs on Manufacturing Product cost per uni...
Q: Exercise 10-07 a1-b2 (Part Level Submission) Linton Company purchased a delivery truck for $34,000 o...
A: Depreciation per mile = (Cost of truck - salvage value) / Expected life in miles
Q: Rhett Company manufactures and sells dress shirts. Each shirt (unit) requires 4 yards of cloth. Sele...
A:
Q: #4 Bank Reconciliation Components Identify the requested amount in each of the following situations...
A: Ending Deposits in Transit = Deposits per Books - (Deposits per Bank - Beginning Deposits in Transit...
Q: Preparation of Closing Journal Entries (Including T-Accounts for Revenue and Expense Summary, Drawin...
A: Closing entries are prepared to close all the temporary accounts such as expense, revenue and drawin...
Q: Helena Company reports the following total costs at two levels of production. 10,000 Units ...
A: Variable cost means the cost which vary with the level of output and fixed cost means the cost which...
Q: Economic Order Quantity Ottis, Inc., uses 585,225 plastic housing units each year in its production ...
A: In inventory management, economic order quantity is the order quantity that minimizes the total hold...
Q: Mr. A, Mr. B and Mr. C agreed to form a partnership. Mr. A will contribute cash in the amount of P10...
A: In a partnership, two or more parties agree to operate and manage a business and share the profits o...
Q: Paul Dirac & Associates begin operations on 1/1/X1 by issuing a 3.00 year term (Bullet) bond wit...
A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you. ...
Q: 1) How far do you think that abridged balance sheet instead of full balance sheets supplied to the s...
A: Abridged financial statements contain information for an accounting period but did not provide any d...
Q: Matthew Mulatto and his brother John Mulatto plans to open a business. The major decision they face ...
A: The following concepts are being evaluated for Matthew Mulatto.
Q: DM variances; journal entriesSkip Company produces a product called Lem. The standard direct materia...
A: Material Price Variance = Actual Quantity (Standard Cost per unit - Actual Cost per unit)
Q: Using the following budgeted information for production of 9,000 and 16,000 units, prepare a flexibl...
A: Total expenses = Expense A + Expense B + Expense C
Q: WileyPLUS: MyWileyPLUS | Help I Contact Us | Weygandt, Accounting Principles, 13e FINANCIAL/MANAGERI...
A: Account receivable is the amount due from the debtors.
Q: 137.Blue Spruce Corp. had net credit sales of $13013000 and cost of goods sold of $9376000 for the y...
A: Financial statements are statements which states the business activities performed by the company . ...
Q: What is the net cash used in financing activities?
A: Net cash used in financing activities is the cash inflow pertaining to financing activities minus th...
Q: Borden Inc. sells televisions and other electronics. The company sells televisions that come with a ...
A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you. ...
Q: CALCULATOR STANDARD VIEW PRINTER VERSION Gill Company, organized in 2020, has the following transact...
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: How do creditors assess risk when lending funds to a company?
A: Assessment of risks when lending funds means evaluating the credit worthiness of the company in term...
Q: Tanufacturing is a cost center and the two sales departments are profit centers. full cost of each r...
A:
Q: Dividing Partnership Income Beau Dawson and Willow McDonald formed a partnership, investing $217,500...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: Beau Dawson and Willow McDonald formed a partnership, investing $65,000 and $195,000, respectively. ...
A: Profit = $275,000 Dawson McDonald Investment 65,000 195,000 a- If no agreem...
Q: Garagiola Company had net income in the current year of $ 430,000. Depreciation expense for the year...
A: The Numerical has covered the concept of a Cash Flow Statement. In the Cash Flow Statement, there ar...
Q: Golden Diamond Jeweler Inc is currently forecasting a revenue of Php2,000,000, Php3,200,000 and Php1...
A: Given: A cash budget is said as statement which shows an expected receipts and an expected payments ...
Q: X-RAY EQUIPMENT Newburgh Vet will need a new x-ray machine in 3 years. The own- ers decide to set up...
A: Sinking fund is a kind of separate account which is set up for a specific purpose. The fund accumula...
Q: The controller for Camden's Bike Shop has gathered the following cost and activity level information...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: Vedd Corporation uses activity-based costing to assign overhead costs to products. Overhead costs ha...
A: The answer is as fallows
Q: . The following ratios have been calculated for Wholesale Appliances, Inc. Analyze the capital str...
A: Measurement of financial risk in a company is the composition of its Capital Structure. It can be sh...
Q: 137.Blue Spruce Corp. had net credit sales of $13013000 and cost of goods sold of $9376000 for the y...
A: Financial statements are statements which states the business activities performed by the company . ...
Q: Groleau Corporation has an activity-based costing system with three activity cost pools--Processing,...
A: Overhead costs given are first to be assigned to the cost pools and then using the unitary method, a...
Q: Riverbed Corporation builds in-home theater systems. Riverbed’s business is growing quickly. Therefo...
A: When any Fixed Asset has been purchased in exchange of inventory or in exchange of share capital or ...
Question No.1 The following information is available on the Qazi Traders:
Cash and marketable securities Rs. 500 Accounts payable Rs. 400
Accounts receivable ? Bank loan ?
Inventories ? Accruals 200
Current assets ? Current liabilities ?
Long-term debt 2650
Net Fixed Assets ?
Common stock and retained
earnings
3,750
Total assets ? Total liabilities and equity ?
..........................._________________________________________.....................
INCOME STATEMENT FOR 2020 (IN THOUSANDS)
Credit sales Rs.8,000
Cost of goods sold ?
Gross profit ?
Selling and administrative expenses ?
Interest expense 400
Profit before taxes ?
Taxes (44% rate) ?
Profit after taxes ?
OTHER INFORMATION ,
Depreciation Rs.500
Net profit margin 7%
Total liabilities/shareholders’ equity 1 to 1
Average collection period 45 days
Inventory turnover ratio 3 to 1
Assuming that sales and production are steady throughout a 360-day year, complete the balancesheet and income statement for Qazi Traders.
Step by step
Solved in 3 steps with 2 images
- Reference is made to the 2022 Balance Sheet of Tram-Ropes limited. Tram-Ropes Limited Balance Sheet 2022 Cash Acc. Receivable Marketable securities Inventories Fixed Assets Total Assets i. 1,000,000.00 ii. 12,000,000.00 3,000,000.00 7,500,000.00 26,500,000.00 50,000,000.00 Accounts Payable Notes Payable Long-term Debt Common stock Preferred Stock Total Liabilities and Equity 8,000,000.00 8,500,000.00 20,000,000.00 7,500,000.00 6,000,000.00 Additional Information: The Long-Term debt consists of 8% annual coupon bonds, with 15 years to maturity and are currently selling for 95% of par. The company's common shares which have a book value of $20 per share are currently selling at $25 per share. 50,000,000.00BALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 What is the firms ROE (Return on Equity)?Group of answer choices 9.45% 9.63% 9.84% 10.20%BALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 Question 9 What is the firm's Debt Ratio? Group of answer choices 60.0% 65.0% 70.0% 75.0% Question 10 What is the firm's Inventory Turnover? 4.41 4.55 4.69 4.83 Question 11 What is the firm's DPS…
- BALANCE SHEETCash $ 140.0 Accounts payable $ 800 .0Accts. receivable 880 .0 Notes payable 600.0Inventories 1,320.0 Accruals 400 .0Total current assets $2,340.0 Total current liabilities $1,800.0Long-term bonds 1,000.0Total debt $2,800.0Common stock 200 .0Retained earnings 1,000.0Net plant & equip. 1,660.0 Total common equity $1,200.0Total assets $4.000.0 Total liabilities & equity $4.000.0lNCOME STATEMENTNet sales $6,000.0Operating costs 5,599.8Depreciation 100.2EBIT $ 300.0Less: Interest 96 .0EBT $ 204 .0Less: Taxes 81.6Net income $ 122.4OTHER DATAAnnual Principal and Lease Payments 0.00Shares outstanding (millions) 60 .00Common dividends (millions) $42.8Interest rate on NIP and long-term bonds 6.0 %Federal plus state income tax rate 40%Year-end stock price $30 .60 Question 5 What is the firm's EBITDA coverage? Group of answer choices 3.51 3.69 3.88 4.17 Question 6 What is the firms DSO (Days Sales Outstanding)? Group of answer choices 51.30 days 52.80 days 53.50…Consider this simplified balance sheet for Geomorph Trading: Current assets Long-term assets $ 245 Current liabilities Long-term debt 630 Other liabilities Equity $ 875 Required: a. What is the company's debt-equity ratio? (Hint: debt = Current liabilities, Long-term debt, and Other liabilities) Note: Round your answer to 2 decimal places. b. What is the ratio of total long-term debt to total long-term capital? Note: Round your answer to 2 decimal places. c. What is its net working capital? d. What is its current ratio? Note: Round your answer to 2 decimal places. $ 170 215 140 350 $ 875 a Debt-equity ratio b. Long-term debt-to-capital ratio c. Net working capital d. Current ratioUse the table for the question(s) below. Consider the following balance sheet: Luther Corporation Consolidated Balance Sheet December 31, 2019 and 2018 (in $ millions) Assets 2019 2018 Liabilities and Stockholders' Equity 2019 2018 Current Assets Current Liabilities Cash 63.6 58.5 Accounts payable 87.6 73.5 Accounts receivable 55.5 39.6 Notes payable / short−term debt 10.5 9.6 Inventories 45.9 42.9 Current maturities of long−term debt 39.9 36.9 Other current assets 6.0 3.0 Other current liabilities 6.0 12.0 Total current assets 171.0 144.0 Total current liabilities 144.0 132.0 Long−Term Assets Long−Term Liabilities Land 66.6 62.1 Long−term debt 239.7 168.9 Buildings 109.5 91.5 Capital lease obligations −−− −−−…
- Current Attempt in Progress XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $27,476 Accounts payable and accruals $154,860 Accounts receivable $143,519 Short-term notes payable $21,255 Inventory $212,379 Total current liabilities $176,115 Total current assets $383,374 Long term debt $155,510 Net plant and equipment $602,704 Total liabilities $331,625 Goodwill and other assets $42,422 Common stock $312,719 Retained earnings $384,156 Total assets $1,028,500 Total liabilities and equity $1,028,500 In addition, it was reported that the firm had a net income of: $158,402 and net sales of: $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g.…Reference is made to the 2022 Balance Sheet of Tram-Ropes limited. Tram-Ropes Limited Balance Sheet 2022 Cash 1,000,000.00 Accounts Payable 8,000,000.00 Acc. Receivable 12,000,000.00 Notes Payable 8,500,000.00 Marketable securities 3,000,000.00 Long-term Debt 20,000,000.00 Inventories 7,500,000.00 Common stock 7,500,000.00 Fixed Assets 26,500,000.00 Preferred Stock 6,000,000.00 Total Assets 50,000,000.00 Total Liabilities and Equity 50,000,000.00 Additional Information: The Long-Term debt consists of 8% annual coupon bonds, with 15 years to maturity and are currently selling for 95% of par. The company’s common shares which have a book value of $20 per share are currently selling at $25 per share. Preferred shares have a book value of $100 per share. These shares are currently selling at $120 per share and pays…An extract from a computer company's 2021 financial statements follows: Balance sheet As of December 31, 2021 As of December 31, 2020 Total assets 57,699 54,013 Total liabilities 37,682 37,919 Total stockholders' equity 20,017 16,096 What was the company's debt-to- equity ratio for 2021? OA. 2.5 OB. 1.6 O C. 0.9 O D. 1.9
- Reference is made to the 2022 Balance Sheet of Tran-Ropes limited. Tram-Ropes Limited Balance Sheet 2022 Cash Acc. Receivable Marketable securities Inventories Fixed Assets Total Assets 1,000,000.00 ii. 12,000,000.00 3,000,000.00 7,500,000.00 26,500,000.00 50,000,000,00 Accounts Payable Notes Payable Long-term Debt Common stock Preferred Stock Total Liabilities and Equity 8,000,000.00 8,500,000.00 20,000,000.00 7,500,000.00 6,000,000.00 50,000,000.00 Additional Information: 1. The Long-Term debt consists of 8% annual coupon bonds, with 15 years to maturity and are currently selling for 95% of par. The company's common shares which have a book value of $20 per share are currently selling at $25 per share. iii. iv. V. Preferred shares have a book value of $100 per share. These shares are currently selling at $120 per share and pays dividends of 6% per annum on book value. The dividend growth rate is expected to be 3%, and dividend for 2823 is projected to be $5.00 per share. The…Reference is made to the 2022 Balance Sheet of Tram-Ropes limited. Tram-Ropes Limited Balance Sheet 2022 Cash 1,000,000.00 Accounts Payable 8,000,000.00 Acc. Receivable 12,000,000.00 Notes Payable 8,500,000.00 Marketable securities 3,000,000.00 Long-term Debt 20,000,000.00 Inventories 7,500,000.00 Common stock 7,500,000.00 Fixed Assets 26,500,000.00 Preferred Stock 6,000,000.00 Total Assets 50,000,000.00 Total Liabilities and Equity 50,000,000.00 Additional Information: The Long-Term debt consists of 8% annual coupon bonds, with 15 years to maturity and are currently selling for 95% of par. The company’s common shares which have a book value of $20 per share are currently selling at $25 per share. Preferred shares have a book value of $100 per share. These shares are currently selling at $120 per share and pays…Consider this simplified balance sheet for Geomorph Trading: Current assets $ 120 Current liabilities $ 70 Long-term assets 520 Long-term debt 270 Other liabilities 90 Equity 210 $ 640 $ 640 Required: What is the company’s debt-equity ratio? Note: Round your answer to 2 decimal places.
